The OPTIMAR OBSERVER – May 22
Read about some of the most exciting new occurrences in Miami in our OPTIMAR Observer.
Related Group Presents Micro Living: Coming Soon To Miami
Miami’s rental apartment market is about to get smaller… literally. Micro-units — compact, affordable apartments aimed at young, single professionals who want to live in popular neighborhoods without paying exorbitant rents — are sprouting up in Wynwood, downtown Miami and other desirable areas where prices make it impossible for younger people to buy. Groundbreaking is scheduled to begin in July on Wynwood 25, a $100 million mixed-use project by Miami’s Related Group and the New York-based East End Capital. The 400,000-square-foot development will occupy 2.3 acres and include 289 rental apartments, ranging in size from 400 to 1,200 square feet. To learn more about this upcoming development, log onto www.wynwood25.com for more information.
Bal Harbour Shops Expansion Approved
The expansion of the Bal Harbour Shops, a much-revised plan that had been in the works for more than a decade, won final approval from the Village Council last week Tuesday, setting in motion a massive construction project that is expected to take up to eight years to open. Construction for the expansion is expected to take up to six years, with an additional two years until new stores officially open. Developers are hoping to break ground by the end of the year.
Are Miamian’s Ready To Ditch Their Cars?
Miami’s lone rapid-transit system, Metrorail, began rolling in 1984 under a forward-looking premise that went beyond shuttling commuters downtown: Metro stations would become urbanized hubs where residents wouldn’t need a car to get to work, or to visit a lunch spot or the gym, or to pick up groceries or their dry cleaning. It took just 33 years, but that train’s finally pulling into the station. And fast. The high-demographics stretch of South Dixie Highway that runs between Metrorail’s Coconut Grove and South Miami stations is suddenly on the brink of a thorough transformation that could bring the rail system’s original vision to belated fruition — and in the process, maybe even provide some welcome relief to that notoriously car-choked suburban corridor. Read more about the proposed transit systems on the Miami Herald.
Take A Look At The New CocoWalk
The Mediterranean-style, 1990s-era CocoWalk is about to get a whole new look – and roster of tenants. Comras announced earlier this year that CocoWalk would be converted into a mixed-use center with an open plaza, a plan that includes knocking down part of the mall and building a 78,000-square-foot office building. New stores and chef-driven restaurants catered more toward people who live and work in Coconut Grove will be added as well as cafe seating, water features and a tree canopy. Renovations will start this summer and be completed in mid-2018. CocoWalk will stay open throughout.
Miami’s Bijou Bay Harbor Breaks Ground
Another glassy, luxury waterfont condo broke ground in Miami with Bijou Bay Harbor beginning its rise at 9521 East Bay Harbor Drive in Bay Harbor Islands. The 41-unit development is down the street from the Bal Harbour Shops, which recently received final approval on a $400 million renovation. Developed by Ability by Acierto and Conexo Inmobiliario, the project is about 70 percent sold and was expected to initially break ground in 2016. Residences range in size from 900 to just over 2,000 square feet, with prices starting at $600,000. Learn more about this jaw dropping development by logging onto their website www.bijoubayharbor.com.